Community Reputation

About CPC69

Its interesting that some other brokers haven't increase their margin rates. Trading 212 have confirmed this morning that their GBP/USD rates are still: 0.33% float/0.5% fixed for pro clients and 3.33% for Retail clients.

I found this morning that IG have increased the margin requirement for trading GBP/USD from 0.9% to 1.8% overnight without any notice.
Has this happened to anyone else and is there an explanation, apart from the the obvious volatility increase?

I’m also having the same issue. My alerts stopped notifying me unless I actually go into the alerts tab.
However, my alerts seemed to stop after the GDPR update, so I’m thinking that there must be a way to reset notification status for alerts?

Hi,
Does anyone know if the TOMNext rate is affected by the end of BST this weekend?
I’m guessing that if IG uses UK based servers then the daily rollover time is still 10pm, but I know this has been an issue in other brokers platforms for traders.
Does anyone know the answer?
Many thanks,
Chris

Awesome, thanks for the clarity. I confirmed this last night with a EUR/JPY trade, which I opened at 10:01pm and haven't paid any charges. Although, the spread at that time of night widens which can be challenging.
Thanks.

This is the reply from IG explaining the fees. It explains the fees clearly, but I think the level of fees is very high.
The reason for the four day interest is due to how FX trades settle. The majority of FX pairs will settle on a T+2 basis, meaning that trades held through the cut-off time of 10pm UK time on a Wednesday will settle on Friday, and therefore be take into account the weekend as well.
For this reason you'll usually be charged three days interest on a Wednesday night and one day for the other weekdays. The reason for the fourth day in this instance is because it's a public holiday on Monday in Japan. Therefore adding the extra day.
"As mentioned, if you hold a trade through 10pm UK time you will qualify for the interest charge. The fee specifically for FX is known as the TOMNEXT rate which IG take from the underlying market and apply a 0.8% admin fee to."

Hi,
I've also been charged fees for trades opened at 9:59pm, which have only been open for a couple of hours at a time;
1. 1 day interest charge
2. 1 day interest charge
3. 4 day interest charge
All these where charged between Monday and Wednesday this week. I've asked IG to look into it and explain why I've been charged like this as it seems to be in breach of their T&C's.
Good luck!

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.

CFD, share dealing and stocks and shares ISA accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd. IG is a trading name of IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.

The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.